Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 13, 2007 08:15 ET

Canada Mortgage and Housing Corporation: BC Rental Market Vacancy Rate Moves Lower

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 13, 2007) - The apartment vacancy rate in BC declined for the fourth consecutive year reaching just one per cent in October 2007. Twelve of the province's 27 urban centres reported vacancy rates below one per cent. Vacancy rates in the Victoria and Vancouver Census Metropolitan Areas (CMAs) remained unchanged from October 2006 levels, at 0.5 and 0.7 per cent, respectively.

"Increased job opportunities, the rising cost of homeowneership, immigration and longer completion times on new multiple-unit projects intended for homeownership were responsible for boosting rental demand in British Columbia," noted Carol Frketich, BC Regional Economist. On the supply side, there have been very few new rental projects built in BC during the last year. Renters are turning to the secondary rental market, which includes secondary suites and investor owned condominiums, to meet their housing needs.

Based on a sample of rental structures common to both the 2006 and 2007 rental market surveys, the average rent for a two bedroom apartment increased 5.5 per cent. The average rent for a two bedroom apartment was $922 in October 2007.

Canada Mortgage and Housing Corporation (CMHC) has been Canada's national housing agency for more than 60 years. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country.

Preliminary numbers are summarized in the attached table.

To view attached table please click on the following link: http://www.ccnmatthews.com/docs/cmhc1213.pdf

(Ce document existe egalement en francais)

Contact Information

  • Canada Mortgage and Housing Corporation
    Carol Frketich
    BC Regional Economist
    Cell: (604) 787-5598
    Email: cfrketic@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Peggy Prill, Principal of Surveys
    Victoria/Vancouver Island Contact
    Cell: (250) 360-7322
    Email: pprill@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Paul Fabri, Market Analyst
    Southern Interior Contact
    (250) 712-4334
    Email: pfabri@cmhc.ca
    Website: www.cmhc.ca